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One East Harlem MXU Breaks Ground
Development partners and city officials broke ground Thursday on One East Harlem, a one-acre mixed-use project. A key component of the city’s East 125th Street revitalization initiative, the project will contain a mix of market-rate and affordable housing, 65,000 square feet of retail, including a supermarket, and 5,000 square feet of cultural space.
The project is being developed by Richman Group Development Corporation, Bridges Development Group, Monadnock Development, Hope Community Development Inc. and El Barrio Operation Fightback, in partnership with the city.
“We are grateful for this opportunity and eager to continue to work with the community and city leaders to collectively create a vital and dynamic project,” said Kristin Miller, president of the Richman Group.
The city is providing about $120 million in funding on the project. Additionally, Citi provided a $63.5-million taxable participation loan, and provided the credit enhancement during the construction phase.
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